Dogecoin Price Prediction as $800 Million Sends DOGE into the Red – Buy the Dip?

cryptonews.com:

The Dogecoin price has dropped by 6.5% in the past 24 hours, sliding to $0.07726 as the wider crypto market continues to suffer from profit-taking and loss-cutting in the wake of this month’s Bitcoin ETF approvals.

DOGE is now down by 18% in the past month, and with the meme token also having fallen by 13.5% in the last 12 months, today’s fall only serves to emphasize a disappointing period for the coin.

However, it’s now arguable that the market has oversold DOGE, and that the latter may therefore be due an upwards correction in due course.

DOGE’s indicators suggest that, while the coin has certainly fallen significantly in recent days, it still has space for falling more before it becomes grossly oversold.

For instance, its 30-day average (yellow) has indeed declined steadily over the past few weeks, yet it still remains well above its 200-day (blue), suggesting that further falls are entirely plausible.

Similarly, DOGE’s relative strength index (purple) is now falling to 40, and given its current trajectory, a fall towards – and below – 30 is entirely likely.

DOGE has dropped below earlier supports in recent weeks, so it will be interesting to see if its current support level (green) can resist a drop below $0.0770.

It probably won’t, although it does seem that at least some traders are using the current slump as an opportunity to buy the meme token at a discount.